BPO Automation Group's Blog: January 2008

An Exciting Story about a Freddie Mac Foreclosure/ REO Purchase!

Hi all! Nicole Ocean here,

 I have been working with a very sensible, patient and smart investment property buyer who I feel got an amazing deal on a home that is valued at $375,000-$395,000. 

 I had been working with this investment buyer for the last few months. I introduced this buyer, (let's call him, "Bob,") to multiple foreclosed properties in my local area of Bellingham, Washington.

 After Bob and I toured a small handful of foreclosed and regular sales type properties he fell in love with a brand new home that is owned by Freddie Mac. It is a foreclosed home in the quiet city of Ferndale. I knew about this property first hand because I had done a Broker Price Opinion on it right before it came onto the market and thus knew the whole story and history of the place. This was a BIG advantage!

 The previous homeowner purchased the property for $375,000 in March 2006, and soon after closing found herself facing a divorce. She supposedly did not even move into the home yet and somehow got behind on her mortgage payments or couldn't afford to keep the home as part of her divorce settlement. Thus, she tried to sell the property before going into pre-foreclosure. She listed the home at: $414,950 back in September of 2006. It didn't sell in time and hence she lost her home to foreclosure.

 The sad part about doing my Broker Price Opinion on this home is that either the homeowner removed a bunch of property from the home as she was getting foreclosed on. They took the refrigerator, the built-in vacuum system, the washer and dryer, speakers that were built into the walls, the chandelier in the main entry of the home, all of the shelves in all of the closets and even the knobs on the kitchen cabinets. How sad indeed!

 Freddie Mac purchased the property back for $316,898 in July 2007 and listed it for sale starting at: $387,975, it had a few price reductions and sat on the market for a total of 130 days before getting my buyer's offer accepted. The asking price at the time that my buyer's first offer was the $359,900. We low-balled the offer and received a counter. This happened one more time and my buyer walked. Then the price was reduced to $349.900. My buyer stepped back into the playing field and was able to shave off another big chunk.

 I am so excited to have experienced the whole process involved in helping my buyer purchase an amazing home at a big discount. The best thing is that this home is within a neighborhood of very expensive homes that are either similiar in size and/or are bigger. They range in price from $405,000 (for the home next door that is only a few hundred square feet more) to $475,000. I feel so blessed to have been a part of this and to be able to help him save lots of money!

My job as a Realtor was very exciting throughout this whole process and I look forward to helping more people save lots of money by buying other foreclosed homes!

Comment balloon 4 commentsNicole Ocean • January 15 2008 10:29PM
An Exciting Story about a Freddie Mac Foreclosure/ REO Purchase!
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